Tungsten Market to increase by USD 1.95 billion between 2023 to 2028; Wide use of tungsten in integrated circuits boosts the market - Technavio

NEW YORK, Dec. 7, 2023 /PRNewswire/ -- The tungsten market size is expected to grow by USD 1.95 billion from 2023 to 2028. In addition, the growth momentum of the market will progress at a CAGR of  7.11% during the forecast period, according to Technavio. The wide use of tungsten in integrated circuits is notably driving the tungsten market. However, factors such as stringent environmental and safety regulations may impede market growth. The market is segmented by product (hard metal, steel and alloys, mill products, and others), application (automotive, aerospace and defense, electrical and electronics, machine tools and equipment, and healthcare), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The report offers an up-to-date analysis of the market, and to know the exact growth variance and the Y-O-Y growth rate, Request a Free Sample Report.

We provide a detailed analysis of 20 companies operating in the tungsten market including Almonty Industries Inc., Amalgamated Metal Corp. PLC, Buffalo Tungsten Inc., China Molybdenum Co. Ltd., China Tungsten Online Manu and Sales Corp., Dymet Alloys, Federal Carbide Co., Group 6 Metals Ltd., Masan High Tech Materials, Mitsubishi Materials Corp., MOLTUN, PicoParts, Plansee SE, SALORO SLU, Saxony Minerals and Exploration AG SME AG, Specialty Metals Resources Ltd., T and D Materials Manufacturing LLC, TaeguTec LTD., Tungco INC., and Tungsten Mining NL. 

Tungsten Market 2024-2028: Company Analysis

Almonty Industries Inc: The company offers tungsten which includes pure tungsten containing small amounts of carbon and oxygen, which give tungsten metal its considerable hardness and brittleness.

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Tungsten Market 2024-2028: Segmentation

Product

• The market share growth by the hard metal segment is significant during the forecast period. Hard metal segment products made of tungsten can also be referred to as cemented carbides, a composite engineering material.  In addition, there is an increasing adoption of cemented carbides as it has excellent strength, hardness, transverse rupture strength, and fracture toughness. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
• Application

Geography 

• APAC accounts for 69% of the growth of the global market during the forecast period. Some of the main end-user industries in APAC which are contributing to the market growth in APAC include automotive, construction, aerospace, and defense. In addition, India, Indonesia, Thailand, and Vietnam are some of the countries which exhibit a high demand for automobiles. Hence, such factors are driving the market growth in APAC.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View Free PDF Sample Report

Tungsten Market 2024-2028: Key Highlights

• Historic Market Size 2018-2022
• CAGR of the market during 2024-2028
• Detailed information on factors that will assist tungsten market growth during the next five years
• Estimation of the tungsten market size and its contribution to the parent market
• Forecasts on upcoming trends and changes in consumer behavior
• The growth of the tungsten market
• Analysis of the competitive landscape and detailed information on companies
• Comprehensive details of factors that will impede the growth of tungsten market companies

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio